General overview for 12/12/2016:
The top for the wave (3) (blue) has been established at the level of 123.34 and now the market is in corrective cycle wave (4) (blue). The first wave of this correction was completed with the low at the level of 120.89, but it looks like the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.
Support/Resistance:
123.34 - Intraday Resistance
121.93 - Intraday Support
121.38 - Weekly Pivot
120.89 - Intraday Support
119.40 - WS1
118,71 - Technical Support
Trading recommendations:
Day traders should consider opening only sell orders with SL just above the level of 123.34. TP Should be set at the bottom of the range.
